Stocks Open Low And Soft; Baidu, Kandi, Diamondback Rise

The Nasdaq and the Dow Jones industrial average ebbed 0.5% each. The S&P 500 slipped 0.4%.

The stock market today showed volume down 30% on the Nasdaq and a fraction lower on the NYSE compared with the same time Friday.

In stocks,Yum Brands (NYSE:YUM) dipped 3% and McDonald's (NYSE:MCD) eased not quite 1%. Both companies apologized to customers after Chinese news reports alleged unsanitary practices by a chicken supplier used by both restaurant chains. McDonald's said the situation could lead to a supply shortfall in what is its third largest market. China is the biggest revenue generating market for Yum, parent of KFC.

Also on the China front, search engine giant Baidu (NASDAQ:BIDU) dialed in a 3% gain in heavy trade. Morgan Stanley upgraded the stock to buy from neutral and boosted its price target to 239.30, citing accelerating revenue growth. The stock is 15% above a 170.89 buy point after clearing a cup-with-handle base in June.

Kandi Technologies (NASDAQ:KNDI) bolted 11% in fat trade. The maker of electric vehicles swept ahead 33% last week as it quickly forms the right side of a deep base. Monday's move left shares just below the 22.50 buy point.

On the IBD 50 list, Diamondback Energy (NASDAQ:FANG) shook off a premarket loss and climbed 2% at the open. The Midland, Texas-based energy producer announced plans to acquire additional acreage in Texas' Midland basin for $538 million. It also announced a follow-on offering of 5 million shares of common stock. Diamondback is in buying range after rebounding last week from a test of 10-week support in light trade.

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Baidu (NASDAQ:BIDU) on Thursday announced a $1 billion share-buyback plan, three days after the China search leader missed on Q2 earnings and gave weak revenue guidance amid continued heavy spending on its emerging online-to-offline business. Baidu stock was up more than 2% in midday trading in the ...

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07/28/2015 07:14 PM ET

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